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Uber Losses Down in Fourth Quarter, but Still Huge

18 February 2018

Fourth-quarter bookings rose by 14 percent to $11.1 billion. In case, Waymo is able to justify their allegations and prove that Uber is involved in unethical practices of stealing their trade secrets and initiated the development of the self-driving technology program, then there are high chances that they would stop the development process and demand for the damages caused by the stealing activity up to $1.86 billion.

Uber and Google sibling company Waymo have reached a settlement on a lawsuit stemming from a self-driving auto technology dispute. Despite a turbulent year for the company, it still managed to earn sales of $7.5 billion, although this was tempered by a substantial loss of $4.5 billion, an unprecedented number.

The 61% increase in losses for the fast-expanding and controversial company came at the same time as revenues surged by 85% to $37bn.

Last month, ride-hailing group agreed to sell $10 billion of its stock to a consortium led by Japan's internet giant SoftBank Group Corp. recently for a 15 percent stake, making it the Uber's largest shareholder. The surprise settlement announced Friday came as lawyers for Uber and Waymo, a company hatched from Google, prepared to wrap up the first week of a trial that had attracted global attention. On an adjusted basis, excluding stock-based compensation, legal costs, taxes and depreciation, the company lost $US2.2 billion for the full year.

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Earlier this month Uber ended the autonomous vehicle trade secrets lawsuit filed by Alphabet Inc.'s Waymo for a payment of Uber stock valued by Waymo at $245 million. Uber concluded the year with about $6 billion in cash, 13 percent less than the year before.

Waymo filed its lawsuit almost a year ago, adding to Uber's woes with allegations of a bold hi-tech heist orchestrated by its former CEO, Travis Kalanick, and a former Google engineer.

The figures cover a troubled year for the company as it faced sexual harassment claims and saw the departure of senior executives including its boss, co-founder Travis Kalanick, and a battle to continue operating in London.

The full-year loss grew from $2.8 billion in 2016, a year with results skewed by a gain from the sale of Uber's unprofitable business in China.

Uber Losses Down in Fourth Quarter, but Still Huge